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odd requirement? on Nationwide mortgage
23rdspiral
Posts: 1,929 Forumite
Nationwide has moved its goalposts since last week and now wants to see proof of lett-ability - we would need to move out for a month and rent it before they'd give us a mortgage!!
through a broker we were going to get a Mortgage Works mortgage on our current property to release some equity & rent it out, then use equity + savings to purchase our next house with a Nationwide mortgage.
is this odd? We just can't do this. the deal would fall through as our vendors wouldnt want to wait that long and we'd have to move twice or 3 times in a few months! So our broker has found us a different mortgage product with a different company.
But I'm left pondering if this is just an odd requirement or if they just dont want applicants?
through a broker we were going to get a Mortgage Works mortgage on our current property to release some equity & rent it out, then use equity + savings to purchase our next house with a Nationwide mortgage.
is this odd? We just can't do this. the deal would fall through as our vendors wouldnt want to wait that long and we'd have to move twice or 3 times in a few months! So our broker has found us a different mortgage product with a different company.
But I'm left pondering if this is just an odd requirement or if they just dont want applicants?
Relax, Breathe, Love 2014 Challenges:Cross Stitch Cafe Challenger 23. Frugal Living Challenger. No buying cleaning products. I used MSE advice to reduce my car insurance from 550 to 325!! & paid it off in full!!!
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Comments
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That has always been the case with Nationwide.
You are letting out your current place and buying a new one via Nationwide.
Nationwide will want proof that it has been let and will want a bank statement showing rental money going in.I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
As GMS said this as always been the case, has your broker done both mortgages for you, if so he should have known this, Nationwide are a complete no go for a let to buy scenario.I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Who said??!!! lol:rotfl:I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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wow! thank you herbiesjp & TMSL for such quick replies! (if you ever want slow cooker advice, or to learn how to turn old clothes into patchwork quilts, drop me a line!
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TMSL - yes our broker is working on both mortgages... odd if it's a known existing clause. (humm, makes me wonder if i should post the new details.)Relax, Breathe, Love 2014 Challenges:Cross Stitch Cafe Challenger 23. Frugal Living Challenger. No buying cleaning products. I used MSE advice to reduce my car insurance from 550 to 325!! & paid it off in full!!!0 -
It is a known clause - or at least it should be by the broker.
So unless you can move out and let out first, you may have problems with Nationwide part of the scenario - you might want a second opinion.I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Who said??!!! lol:rotfl:
I have heard of throwing voices but never throwing text!!I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
You got a part time job as a ventriloquist?:rotfl:I have heard of throwing voices but never throwing text!!I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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